Vintage South Loop Building Getting $2.2 Million Facelift

The former home of Encyclopedia Britannica, located in a 19th Century vintage office building, is currently undergoing a $2.2 million renovation in the South Loop.

The improvements are designed to transform the seven-story structure into a fully rehabbed office building with retail space on a new concourse level. It is owned by David Schoenstadt of Kansas City.

``No matter how much a new development spends, the building never seems to acquire the feeling of a vintage building,`` said Liska Prochotska of Liscor International, exclusive leasing agent for 24 E. Congress Plaza, formerly known as 434 S. Wabash Ave.

In addition to its new address, the 82,000-square-foot building has been redesigned by the architectural firm of Himmel/Bonner. They created a new main entrance of glass and aluminum for Congress Street as well as a new two-level rotunda lobby of polished terrazo.

Other improvements include new passenger and freight elevators, new computer and telecommunications systems, operable thermopane windows, acoustical ceilings and all new mechanicals including heating, ventilation and air conditioning. The building is fully sprinklered.

In addition to interior improvements, the building`s exterior brick and granite is being chemically washed to restore its original color. All cornices are being painted.

Each floor has 12,000 square feet of rentable space at $13.50 per square foot, Prochotska said. Also available is space on the retail concourse which is designed to include a restaurant. Retail space will be ready by March and offices by May, 1986.

``We anticipate a rapid lease-up of remaining space in this building,``

she said. ``The South Loop is experiencing a dramatic resurgence with such projects as One Congress Center and renovation of the Hilton Hotel as well as heavy residential activity. This is a prime location with off-Loop rentals.`` Current tenants include manufacturing and technological firms.

Liskor also is exclusive leasing agent for a renovated office building in the River North area. Already 60 per cent leased, 440 N. Wells St. is an eight-story, classic brick building designed by Holabird and Roche. Rentals are $15 per square foot.